Important Current Affairs 11th May 2015 with PDF

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Person in News

Vanitha Narayanan

American Chamber of Commerce in India today appointed Vanitha Narayanan as new Chairperson, the first woman to hold this post since the industry body”s inception here in 1992.

National Affairs

On the 17th anniversary of Pokhran nuclear tests, Prime Minister Narendra Modi today hailed the country”s scientists as well as “tremendous courage” of the then Prime Minister Atal Bihari Vajpayee, saying it demonstrated the importance of a strong leadership.

Hailing the Karnataka High Court verdict acquitting her in the disproportionate assets case, AIADMK chief Jayalalaithaa today said it has proved that she did no wrong and vowed to continue to work for the welfare of people of Tamil Nadu.

Nitin Gadkari said there was no corruption or misappropriation charge against him & govt. auditor”s report was “deliberately being misinterpreted for political reasons.”

International Affairs

India-born Nikesh Arora was today appointed as president of Japan’s SoftBank Corp and has been named as a potential successor to CEO Masayoshi Son.

The report in Fortune said the move comes as Son and SoftBank are battling to improve profitability at US carrier Sprint Corp, which they bought in 2013 for more than USD 20 billion.

Arora, a graduate of the Indian Institute of Technology in Varanasi and Northeastern University, was hired to run a newly created unit called SoftBank Internet and Media Inc, reporting directly to Son.

Apart from being the largest investor in Chinese e-commerce giant Alibaba Group, SoftBank has plans to invest USD 10 billion in India’s potentially huge but under-developed online retail market.

Bangladesh Supreme Court today barred people from using the country”s national anthem as a ringtone on mobile phones.

With Islamic State chief Abu Bakr al-Baghdadi incapacitated due to suspected spinal damage, the terror group”s shura council is to elect a stand-in leader this week to handle day-to-day affairs, according to a media report.

One of the world”s leading experts on contemporary India, Craig Jeffrey, has been appointed as the next Director of the Australia-India Institute here, the country”s national centre for research, teaching and analysis on India.

China slammed Pentagon report on its military development & security, calling on US to have “a rational understanding” of China’s military strength.

Economy

The RBI today asked all public sector banks and large private and foreign banks including ICICI Bank, HDFC Bank, StanChart and Citi Bank to appoint internal ombudsman for to resolution of customer complaints.

Eminent banker K V Kamath will be the first president of USD 100 billionBRICS Bank which will provide infrastructure loans to emerging nations, rivalling multilateral lenders such as World Bank and IMF.

Kamath, 67, will have a five year term at the bank, which is likely to be operationalised within one year as ‘New Development Bank’ being set up by the five nation grouping, BRICS, Finance Secretary Rajiv Mehrishi

Kamath is the non-executive Chairman of the India’s largest private sector bank ICICI. Besides, he is also the non-executive chairperson of the IT bellwether Infosys.

Leaders of the emerging economies of Brazil, Russia, India, China and South Africa (BRICS) had last year reached an agreement to establish the New Development Bank, with its headquarters in Shanghai. As per the agreement, India got the right to nominate the first president.

The BRICS nations account for nearly USD 16 trillion in GDP and 40 per cent of the world’s population.

The bank will start with an initial paid-in-capital of USD 50 billion with each BRICS country contributing USD 10 billion, while its authorised capital is USD 100 billion.

Rating agency Moody”s today said credit conditions are likely to improve for rated Indian corporates over the next 12-18 months on the back of upturn in economic activities, government”s reform push and transmission of monetary easing.

Tata Communications today announced a video network partnership with China Telecom Global to enable and manage media content for customers in China and globally